Halfway between the white market (completely legal) and black market (completely illegal). The gray market sells products which are legal to own, but can be used illegaly or are illegal to use completely.

In Virginia, police radar detectors are gray market items because it is legal to own one, but illegal to actully use it.

Commonly refers to items being sold outside of the territory their manufacturer intended. Gray market products often come with different manuals or accessories from the domestic version, and frequently do not carry a manufacturer's warranty.

Q: Why is that online camera store so cheap?
A: They sell gray market cameras without warranties or acessories.